The 10 Best Cities for Young Entrepreneurs

The 10 Best Cities for Young EntrepreneursCredit: RawPixel/Shutterstock

While entrepreneurs can launch new businesses from anywhere, some cities offer a better chance at success. The researchers based their rankings on four key factors:

Population growth: This indicates more consumer demand and that people are attracted to the area.

The percentage of young adults earning competitive wages: This demonstrates that there are economic opportunities for younger people and that the community can sustain new products or services.

The percentage of the population with at least a bachelor’s degree: This indicates that the community has a large population of skilled workers and that the consumer market is sophisticated and affluent.

Based on the criteria examined, MoneyRates.com named these 10 cities the best for young entrepreneurs in 2016:

Austin/Round Rock, Texas: According to the U.S. Census Bureau, Austin/Round Rock is the third-fastest-growing metropolitan area in the nation. Additionally, it is one of the more well-educated areas of the country, with more than one-third of its population having a bachelor degree.

Raleigh, North Carolina: The city is one of the 10 fastest-growing in the U.S., and boasts the highest number for the proportion of the population with at least a bachelor’s degree.